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Linda_us, Finance, Accounts & Homework Tutor
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Experience:  Post Graduate Diploma in Management (MBA)
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FOR LINDA 1. By not accruing warranty expense, A. reported

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1. By not accruing warranty expense,
A. reported liabilities will be understated, and net income will be overstated.

B. reported expenses will be understated, and net income will be understated.

C. reported expenses will be overstated, and reported liabilities will be understated.

D. reported liabilities will be overstated, and net income will be understated.

2. Which of the following is not a benefit to extending credit to customers?
A. Wider range of customers

B. Bad-debt expenses

C. Increased profits

D. Increased revenues

3. Which of the following marketable securities are reported at market value on the balance sheet date?
A. Available-for-sale securities

B. Held-to-maturities securities

C. Trading securities

D. Available-for-sale and trading securities

4. Using a 360-day year, the maturity value of a 69-day note for $1,500 at 7% annual interest is (rounded to the nearest cent)
A. $1,605.00.

B. $1,520.13.

C. $20.13.

D. $1,584,88.

5. A patent has amortization this year of $2,300. The journal entry would be
A. debit Amortization Expense—Patent, $2,300; credit Patent, $2,300.

B. debit Accumulated Amortization—Patent, $2,300; credit Patent, $2,300.

C. debit Accumulated Amortization—Patent, $2,300; credit Amortization Expense—Patent, $2,300.
D. debit Amortization Expense—Patent, $2,300; credit Accumulated Depreciation—Patent, $2,300
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